Where to go for HELOC with a 640 Fico in Texas

Hello John, and good afternoon. There is no way to be truly qualified to obtain a mortgage without pulling credit as the entities that fund mortgages require a tri-merge credit report from all 3 credit bureaus to make a credit decision. It does not however count as multiple inquiries within a short period of time. Go to Myfico.com and you can learn more there under the learn about scores tab at the top. Then click on credit checks on the left side of the page. Also, if you just refinanced last August and took cash out you cannot refinance for 12 months under Article XVI Section 50A6 of the Texas Constitution. If you did a rate and term refinance you can do a second mortgage. Call with questions: 972-724-3222 ext. 227 - Mark Bradley Cahoone - NMLS ID 184176 - bcahoone@globalhomefinanceinc.com - Global Home Finance Inc. NMLS ID: 316441

Also, if your first mortgage has ever been a cash out loan then it is illegal to do a home equity line at the same time as you are not allowed to have two cash out mortgages at the same time. If it was just a rate and term refinance then you can do the HELOC. It will be worth the mortgage inquiry if you need the money. A mortgage inquiry is not like a credit card inquiry. I hope you get what you need. Have a great afternoon!

Hi John,There are ways you can help increase your score by paying down credit cards to 25% of the credit limit. If you don't have any credit cards...have someone authorize you to use their credit card (although you won't really), so it will show up on your report. That should help bump your scores enough to help you qualify for the HELOC. Mary Papageorge NMLS 287880 - 713-569-0025

Texas is unique compared to most other states when it comes to refinancing.. There are specific laws which protect the consumer and their equity.. First, your maximum loan to value cannot exceed 80% combined.. so for a home worth $200,000, you would be capped at $160,000. 2nd, if your refinance was recent, you need to wait 12 months.. Also, if you did a "Rate and Term" refinance, then you would be allowed to pull out some cash, but if you did a cash out refi, then your done.. you cannot have 2 cash out refi's on the same property. For more info about the Texas A6 laws and what your options are, you should contact a local mortgage broker and let them look at your complete loan profile.. additionally, they might be able to help you raise your credit score relatively quickly as well. Looks like Brad Cahoon (See above) would be a good choice.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893